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Powerball Annuity Jackpot Analysis for New York (Jan. 5, 2019 Drawing)

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $69,000,000 would be for a resident of New York, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

New York

Drawing Date:  Jan. 5, 2019
Jackpot:$69,000,000
Federal Tax:  24%
State Tax:8.82%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,038,549$249,252$91,600$697,697
2$1,090,476$261,714$96,180$732,582
3$1,145,000$274,800$100,989$769,211
4$1,202,250$288,540$106,038$807,672
5$1,262,363$302,967$111,340$848,055
6$1,325,481$318,115$116,907$890,458
7$1,391,755$334,021$122,753$934,981
8$1,461,343$350,722$128,890$981,730
9$1,534,410$368,258$135,335$1,030,817
10$1,611,130$386,671$142,102$1,082,357
11$1,691,687$406,005$149,207$1,136,475
12$1,776,271$426,305$156,667$1,193,299
13$1,865,085$447,620$164,500$1,252,964
14$1,958,339$470,001$172,726$1,315,612
15$2,056,256$493,501$181,362$1,381,393
16$2,159,069$518,177$190,430$1,450,462
17$2,267,022$544,085$199,951$1,522,986
18$2,380,373$571,290$209,949$1,599,135
19$2,499,392$599,854$220,446$1,679,092
20$2,624,362$629,847$231,469$1,763,046
21$2,755,580$661,339$243,042$1,851,198
22$2,893,359$694,406$255,194$1,943,758
23$3,038,027$729,126$267,954$2,040,946
24$3,189,928$765,583$281,352$2,142,994
25$3,349,424$803,862$295,419$2,250,143
26$3,516,896$844,055$310,190$2,362,650
27$3,692,740$886,258$325,700$2,480,783
28$3,877,377$930,571$341,985$2,604,822
29$4,071,246$977,099$359,084$2,735,063
30$4,274,809$1,025,954$377,038$2,871,816
Total$69,000,000$16,560,000$6,085,800$46,354,200
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